Chevron (CVX) Raised to Outperform at Credit Suisse Group

Credit Suisse Group upgraded shares of Chevron (NYSE:CVX) from a neutral rating to an outperform rating in a research report report published on Monday, MarketBeat Ratings reports. Credit Suisse Group currently has $138.00 price target on the oil and gas company’s stock.

A number of other research firms have also commented on CVX. Goldman Sachs Group restated a buy rating and set a $141.00 price objective on shares of Chevron in a research note on Tuesday, July 31st. Barclays raised their price objective on Chevron from $145.00 to $148.00 and gave the stock an overweight rating in a research note on Wednesday, July 11th. ValuEngine lowered Chevron from a buy rating to a hold rating in a research note on Thursday, August 2nd. Redburn Partners lowered Chevron from a buy rating to a neutral rating and lowered their price objective for the stock from $130.00 to $115.00 in a research note on Wednesday, October 3rd. Finally, Zacks Investment Research upgraded Chevron from a hold rating to a buy rating and set a $137.00 price objective on the stock in a research note on Monday, October 1st. Eight equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company. Chevron has a consensus rating of Buy and an average target price of $138.13.

Shares of NYSE CVX opened at $119.36 on Monday. The company has a market cap of $227.83 billion, a PE ratio of 18.24, a PEG ratio of 2.05 and a beta of 1.12. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.87 and a current ratio of 1.08. Chevron has a 1-year low of $107.54 and a 1-year high of $133.88.

Chevron (NYSE:CVX) last announced its earnings results on Friday, November 2nd. The oil and gas company reported $2.11 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.06 by $0.05. Chevron had a return on equity of 8.24% and a net margin of 8.79%. The company had revenue of $43.99 billion for the quarter, compared to analyst estimates of $47.17 billion. During the same quarter last year, the company earned $1.03 earnings per share. The firm’s quarterly revenue was up 21.5% compared to the same quarter last year. Equities research analysts predict that Chevron will post 8.34 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 10th. Shareholders of record on Friday, November 16th will be issued a $1.12 dividend. This represents a $4.48 dividend on an annualized basis and a dividend yield of 3.75%. The ex-dividend date of this dividend is Thursday, November 15th. Chevron’s dividend payout ratio is presently 121.08%.

In other Chevron news, insider James William Johnson sold 4,750 shares of the firm’s stock in a transaction on Thursday, September 13th. The stock was sold at an average price of $116.00, for a total value of $551,000.00. Following the sale, the insider now owns 4,750 shares of the company’s stock, valued at approximately $551,000. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.38% of the company’s stock.

Several hedge funds have recently modified their holdings of the business. FMR LLC boosted its holdings in shares of Chevron by 3.5% during the 2nd quarter. FMR LLC now owns 35,416,997 shares of the oil and gas company’s stock valued at $4,477,771,000 after acquiring an additional 1,211,881 shares in the last quarter. Morgan Stanley boosted its holdings in shares of Chevron by 3.8% during the 2nd quarter. Morgan Stanley now owns 16,986,164 shares of the oil and gas company’s stock valued at $2,147,560,000 after acquiring an additional 626,514 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Chevron by 1.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 13,217,173 shares of the oil and gas company’s stock valued at $1,671,000,000 after acquiring an additional 190,647 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its holdings in shares of Chevron by 2.3% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 8,933,341 shares of the oil and gas company’s stock valued at $1,129,443,000 after acquiring an additional 204,547 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC boosted its holdings in shares of Chevron by 0.4% during the 1st quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 7,624,550 shares of the oil and gas company’s stock valued at $869,505,000 after acquiring an additional 31,022 shares in the last quarter. 64.66% of the stock is currently owned by hedge funds and other institutional investors.

Chevron Company Profile

Chevron Corporation, through its subsidiaries, engages in integrated energy, chemicals, and petroleum operations worldwide. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, and production of crude oil and natural gas; processing, liquefaction, transportation, and regasification associated with liquefied natural gas; transportation of crude oil through pipelines; and transportation, storage, and marketing of natural gas, as well as operates a gas-to-liquids plant.

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Analyst Recommendations for Chevron (NYSE:CVX)

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